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Drawings from SMSF when over 80 does amount show on ITR when other income is declared ?

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Replies 2

Husband and I both over 80 years and both have assessable income.  Do we need also to show drawings from our SMSF? 

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Most helpful response

Devotee

Replies 0

Hi @ElizabethG 

 

if you are drawing a pension from assets that have either or a combination of tax free ... or... taxable components (element taxed in the fund) then the pension payments to you are tax free and you do not have to report them in your income tax return.

 

if you are drawing a pension from assets that have taxable components (element untaxed) then the pension payments are taxable and would have to be reported in your income tax return.

 

You should be able to see the different components of your pension either from schedules attached to the "pension agreement" or from your "members statements".

2 REPLIES 2

Devotee

Replies 0

If the super is from an "untaxed" source, yes. Otherwise, no.

Most helpful response

Devotee

Replies 0

Hi @ElizabethG 

 

if you are drawing a pension from assets that have either or a combination of tax free ... or... taxable components (element taxed in the fund) then the pension payments to you are tax free and you do not have to report them in your income tax return.

 

if you are drawing a pension from assets that have taxable components (element untaxed) then the pension payments are taxable and would have to be reported in your income tax return.

 

You should be able to see the different components of your pension either from schedules attached to the "pension agreement" or from your "members statements".